Mondrian is a value manager. Our investment approach overweights those markets that are primed to generate a high real return in an investor’s base currency and hence outperform. To this end, Mondrian takes a forward-looking real income approach, investing in bond markets that offer high income in inflation and risk adjusted terms. This is done by measuring each market’s Prospective Real Yield (PRY) which incorporates Mondrian’s own inflation forecasts and its assessment of each market’s fundamental risks along with a consideration of its currency valuation. Mondrian has consistently applied this same disciplined, value-oriented process across all its fixed income products since 1990. It has produced strong long-term results.